Application of the new International Financial Reporting Standards 9 (IFRS) is expected to affect the investors’ assessment of Greek banking shares, whereas lenders must also factor in additional provisions, a development viewed as negatively impacting their future profitability, according to a report by Greek daily newspaper Naftemproriki.
The newspaper notes that, conversely, application of the new IFRS accounting standards will allow Greece’s systemic banks a freer hand in reducing NPEs through write-offs and the sale of blocs of loans on secondary markets.
A Morgan Stanley report estimates the cost for Greece’s thrice recapitalized banks at roughly. 7.6 billion euros.
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Source: naftemporiki.gr
